Make the necessary investments in anti-money laundering-Dr Wampah

Banks and other financial institutions were on Saturday advised to make the necessary investments in Anti-Money Laundering, Combating the Financing of Terrorism (AML/CFT) to strengthen and protect the banking industry from machinations of money launderers.

Dr Kofi Wampah, Acting Governor of the Bank of Ghana (BOG) gave the advice at the 2012 Annual Bankers’ Dinner and Governor’s Night organized by the Chartered Institute of Bankers, Ghana (CIBG).

He called for the strengthening and tightening of regulatory framework to fight the menace.

It would be recalled that the international community recently ranked Ghana as lagging behind in the fight against anti-money laundering.

There remain obstacles that limit the fight against financial crimes and the abuse of the banking system in the country.

Consequently the BOG in collaboration with the Financial Intelligence Centre launched AML/CFT Guideline for banks and non-bank financial institutions with the aim of exposing the various financial institutions in the country to activities that constitute money laundering and terrorist financing.

On Banks’ recapitalization, Dr Wampah reiterated the call on the financial institutions to look to the stock market or other options as a means of raising money to meet the minimum capital requirement before the December 31st 2012 deadline.

He was optimistic that the roll out of the revised base rate model would soon help improve credit flows and promote transparency because banks would be required to submit monthly returns to the central bank.

Mr. Clifford Duke Mettle, President of the CIBG said the institute recognized the steps that the Government had taken to stabilize the cedi and other macro-economic fundamentals.

“On our part, we will take up the challenge and continue to play our part in the sustenance of the economy,” he added.

Mr. Mettle said the institute had introduced Executive Certificate in Banking Operations as a special programme, to enable individuals who had joined banking institutions without any banking background to have a functional certificate, to execute their tasks effectively.

He appealed to managements of banks to encourage their staff to undertake the course, which lasts for 14 weekends.

A forty-three page Code of Professional Conduct document for the CITBG was launched to provide best practice on professional conduct.